On July 28, the domestic PVC paste resin market maintained a stable operational trend. Traders generally followed the prevailing market conditions, spot circulation remained smooth, and overall market activity was moderate.

I. Market Overview: Stable Prices with Moderate Trading Activity

According to the latest market monitoring data:

• Leather-Grade: The average spot market price for PVC paste resin (leather-grade) reported at 6,897 RMB/ton, remaining flat compared to the previous trading day.

• Glove-Grade: The average spot market price for PVC paste resin (glove-grade) reported at 6,916 RMB/ton, holding steady compared to the previous trading day.

A few production enterprises attempted small upward adjustments in their quotes today, but the actual transaction center showed little movement. As resistance to higher prices persisted, downstream product manufacturers generally lacked large restocking demands, procuring strictly on a need-to-buy basis.

Regional Price Breakdown (Including Tax & Freight):

• Glove-Grade: Averaged around 7,000 RMB/ton in East China, 7,050 RMB/ton in South China, and 6,950 RMB/ton in North China.

• Leather-Grade: Averaged around 7,000 RMB/ton in East China, 7,250 RMB/ton in South China, and 6,900 RMB/ton in North China.

II. Supply, Demand, and Cost Analysis

• Raw Materials: Calcium carbide spot prices trended slightly lower today, while VCM prices remained stable. Production cost pressure for PVC paste resin eased slightly, maintaining workable profit margins for producers.

• Supply Side: Operating capacity for PVC paste resin dropped to 1.153 million tons today, with the overall industry operating rate falling to around 64.96% (average facility utilization holding around 60%). Influenced by centralized plant turnarounds, supply pressure remains low, and logistics transportation operates normally.

III. Market Outlook: Reduced Output Supports Baseline; Market to Remain Generally Stable

Considering both cost factors and market fundamentals:

1. Supply-Side Support: Inventory pressure on paste resin manufacturers remains low. Coupled with ongoing centralized plant turnarounds, short-term production output is narrowing, providing solid baseline support for prices.

2. Subdued Downstream Demand: Given persistent quietness in downstream demand and limited willingness to accept higher offers, overall market price adjustments remain cautious.

Forecast: In the short term, PVC paste resin market prices are expected to remain predominantly stable with a firm bias. Market participants should continue monitoring the execution progress of plant maintenance and the pace of downstream replenishment.